Australian billionaire Andrew Forrest, who made his fortune in iron-ore mining, is betting big on green power and has criticized those who doubt hydrogen fuel-cell technology, including Elon Musk, whom he referred to as a "muppet". Forrest made his comments during an on-stage interview at the Bloomberg New Economy Gateway Africa forum in Marrakesh, Morocco, on Tuesday, where he spoke about the future of clean energy.
Forrest believes that hydrogen fuel-cell technology has "a massive future" and that both battery and fuel cells are the way of the world in the future. This is interesting given that Musk, the world's richest person and founder of electric-car maker Tesla, previously described the technology for energy storage as "the most dumb thing I could possibly imagine."
Forrest has focused on using green energy, including solar, to produce hydrogen, which is then stored and used to power fuel cells in the auto and other industries. On the other hand, Musk primarily uses lithium-battery technology in Tesla vehicles.
Forrest is the founder, chairman and biggest shareholder in Perth-based Fortescue Metals Group Ltd., and his support for hydrogen fuel-cell technology is indicative of his commitment to clean energy. While some may have doubts about the technology, Forrest is convinced that it will play a major role in the energy landscape going forward.
Tesla has not yet responded to requests for comment on Forrest's criticism of the electric carmaker's CEO, but it is clear that there are differing opinions on the role of hydrogen fuel-cell technology in the future of clean energy.